I wanted to share a brief update on New Silver and the work involved in getting it onboarded as collateral.
Assets & Originations
New Silver is originating new loans on a weekly basis. They have slowly started to grow their pool but most loans had to be sold to traditional lenders (like yieldstreet) because of liquidity constraints. Nevertheless, investors have contributed over 500k in DAI to the pool and they’ve originated a total of 3 loans:
and an overview of the different assets:
Status: Asset Originator is ready to scale up the vault
Smart Contracts & Technical Integration
Centrifuge has since made improvements to the adapter and addressed all requested changes.
There is also a spell for kovan. This spell is ready to reviewed by the Smart Contracts team and can be executed on Kovan as soon as that’s done.
Once that’s done, deploying on mainnet should be only require copy & pasting the Kovan spell but we are slated behind MIP21 right now so this might still take some time. An RPC Test shows the integration working properly.
Status: No major blockers on a technical level but a few other topics are holding up progress here.
The RWA team & the risk team have proposed to use a fixed price provided by a
DSValue for DROP identically to how USDC and other stablecoins. This solution was discussed on the governance call December 3rd. A mandatory component of the Maker Governance is the official sign-off of by the Oracles Domain Team. This was discussed in the #governance-and-risk channel on RocketChat:
We have since talked to several community members to review the proposed solution and have not found any technical issues. The Kovan spell referenced above already uses a DSValue for the price and provides all the technical work (there was no need to modify DSValue at all).
Status: Even though the work is minimal, until Oracles Assessment is published, NS2 is blocked from going live.
New Silver first started working with Maker & the Maker Foundation in August 2019 and did a first successful pilot transaction. New Silver is on standby to start minting DAI as soon as they’re added to MCD. We are now on the home stretch to bring this live in production. I hope we can resolve these blockers soon and achieve on one the key milestones for MakerDAO: to diversify the collateral types into real world asset backed USD-stable collateral!